Binance to temporarily halt ETH, WETH transactions ahead of the Merge

Binance to temporarily halt ETH, WETH transactions ahead of the Merge

Crypto exchange Binance said on Monday that it will stop all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on a few networks beginning on September 6.
Binance to temporarily halt ETH, WETH transactions ahead of the Merge
Binance to temporarily halt ETH, WETH transactions ahead of the Merge

In advance of Ethereum’s Merge event, cryptocurrency exchange Binance said on Monday that it will stop all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on a few networks beginning on September 6 at 2 am (UTC).

The crypto exchange published a list of the tokens and networks that would be affected by the Merge in the statement, including ETH (Arbitrum), ETH (OP), and WETH (RON).

In addition, the impacted users will not be entitled to any “forked token credit in the case of a chain split,” according to the business, and deposits of Ethereum (ETH) and Wrapped Ethereum (WETH) made on these networks during the suspension would not be credited.”

Transactions on the mentioned networks will not resume until the Merge is finished, according to the timeline. To “ensure the allocation of forked tokens in the case of a chain split,” according to Binance, this is being done.”

This precautionary measure, according to Binance, is only temporary; deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume as soon as it is determined that the networks are stable following the completion of the Merge. The named network suspensions won’t have an impact on ETH trading during the Merge.

The eagerly anticipated event is anticipated to lower the energy consumption of the Ethereum network by 99.95%, making it more ecologically friendly.

The BUSD auto-conversion feature will be made available on September 29 and will enable users to convert their USDC, USDP, and TUSD balances into the BUSD stable coin at a 1:1 ratio, according to a further official statement released by Binance on Monday.

The exchange claims that this is being done “to boost liquidity and capital efficiency for customers” and that it would not have an impact on users’ ability to withdraw money in USDC, USDP, and TUSD.